PFI issues full $100 million of bonds

Property for Industry Ltd will issue $100 million of 7-year senior secured fixed rate bonds next Monday, after closing its bookbuild process on Friday with the full allocation of $75 million plus $25 million of oversubscriptions.

The interest rate was set at 4.25%/year, reflecting a margin of 1.60%/year over the 7-year swap rate.

All the bonds have been allocated to intermediaries for distribution to their clients – there’s no public pool.

NZX-listed PFI has a portfolio of 93 properties leased to 146 tenants.

Attribution: Company release.

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